BROOMFIELD - Vail Resorts Inc. sold a 2.1-acre land parcel at Breckenridge ski area - the planned site of a new, 75-unit timeshare property - for $11.1 million.

The Broomfield-based resort operator (NYSE: MTN) sold the land at the base of Peak 8 to an affiliate of Breckenridge Grand Vacations Inc., according to a press statement. The timeshare development company built nearby timeshare properties such as Grand Timber Lodge and Grand Lodge at Peak 7, according to a press statement.

A restaurant and spa are expected to be key amenities at the new timeshare property. The Bergenhof restaurant located on the land parcel will be torn down, and building materials will be recycled if possible, according to the press statement.

The timeshare project is expected to generate $2.5 million to $3 million for the town of Breckenridge in real estate transfer tax revenue, said Rob Millisor, a Breckenridge Grand Vacations spokesman.

The new timeshare development is one of the projects in the works to expand Breckenridge ski area, said Alex Iskenderian, senior vice president and chief operating officer for Vail Resorts Development Co. Vail Resorts also is in the final stages of expanding the Peak 6 area north of the existing ski area, which will give skiers a chance to access 543 acres of new terrain next ski season.

"Improving the bed base at Peaks 7 and 8, and having a gondola taking our guests to and from town, has transformed the Breckenridge experience," Iskenderian said in the press statement.

Vail Resorts reported net profit of $60.5 million in the quarter ended Jan. 31, the most recent quarter for which financial information is available. The company plans to spend about $130 million on capital upgrades this year, including a project to create more summertime infrastructure such as ziplines, coasters and education centers at the ski areas it runs in Colorado and the Lake Tahoe region of California and Nevada.

Through subsidiaries, the resort operator runs the ski mountains of Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Heavenly, Northstar and Kirkwood in the Lake Tahoe region; Afton Alps in Minnesota and Mount Brighton in Michigan; and Grand Teton Lodge Company in Jackson Hole, Wyoming. Its RockResorts subsidiary manages hotel properties. Vail Resorts Development Co. is the real estate planning, development and construction subsidiary of Vail Resorts, Inc.